Agree Realty (NYSE:ADC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Agree Realty (NYSE:ADC) from a sell rating to a hold rating in a research report report published on Saturday morning.

Several other research analysts have also recently commented on ADC. Royal Bank Of Canada raised their target price on shares of Agree Realty from $81.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Truist Financial upped their price target on shares of Agree Realty from $79.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, March 23rd. Citigroup raised their price objective on shares of Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Agree Realty in a research report on Thursday, July 2nd. Finally, BMO Capital Markets downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price on the stock. in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.81.

Agree Realty Trading Down 0.7%

Agree Realty stock opened at $80.56 on Friday. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 43.55, a price-to-earnings-growth ratio of 2.70 and a beta of 0.47. Agree Realty has a 1 year low of $69.56 and a 1 year high of $82.08. The firm’s 50 day moving average price is $75.72 and its two-hundred day moving average price is $75.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.Agree Realty’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. On average, research analysts predict that Agree Realty will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.267 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio (DPR) is 172.97%.

Insider Transactions at Agree Realty

In other news, Chairman Richard Agree bought 5,000 shares of the stock in a transaction on Thursday, June 4th. The shares were purchased at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the completion of the purchase, the chairman directly owned 90,512 shares of the company’s stock, valued at $6,463,461.92. This trade represents a 5.85% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree purchased 13,295 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the purchase, the chief executive officer directly owned 675,105 shares in the company, valued at approximately $50,909,668.05. This represents a 2.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 19,045 shares of company stock valued at $1,415,943. 1.80% of the stock is owned by insiders.

Institutional Trading of Agree Realty

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its holdings in Agree Realty by 268.9% in the first quarter. Jane Street Group LLC now owns 27,365 shares of the real estate investment trust’s stock worth $2,112,000 after purchasing an additional 19,948 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Agree Realty by 158.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 356 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Agree Realty during the 2nd quarter worth about $1,875,000. EverSource Wealth Advisors LLC increased its stake in Agree Realty by 245.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,358 shares of the real estate investment trust’s stock valued at $99,000 after acquiring an additional 965 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Agree Realty by 46.8% in the second quarter. First Trust Advisors LP now owns 74,203 shares of the real estate investment trust’s stock valued at $5,421,000 after purchasing an additional 23,662 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.